Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The sole sugar producer in Greece, Hellenic Sugar Industry (EBZ) announced plans to close two out of its three manufacturing sites in Orestiada and Serres. 106 direct jobs are to be lost. 506 seasonal jobs are also to be affected. In addition, the decision is expected to have major consequences on the sugar beet farming sector.
As reported the restructuring plan is to due to the need for a radical reduction of the operational costs. The company is expected to take a decision at the next meeting of the Board of Directors, to be held July 15th.
According to the sources, the announcement caused strong reactions in both cities in Northern Greece.
Updated, 09-09-2014: As reported, the two production sites in Orestiada and Serres ceased their operations and 30 out of the 106 affected staff were offered 3 months temporary contracts at the remaining factory in Imathia.
Eurofound (2014), Hellenic Sugar Industry, Closure in Greece, factsheet number 77306, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77306.